Partial liquidation of project funds for UP System Administration project
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceA large government-funded construction project has not been fully accounted for. A significant amount of money remains unliquidated, which could indicate incomplete financial reporting or unresolved project funds.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"This pertains to one (1) project from University of the Philippines (UP) System Administration with Contract ID No. 20D00096-Construction of National Plant Genetic Resources Laboratory Building, UP Los Baños, released by the Central office to this region. To date, P86,240,942.59 out of the total of P95,823,269.54 was liquidated. The remaining P9,582,326.95 pertains to the unreleased retention money. Liquidation report was submitted last August 21, 2024."